CTCP Carpla and Chợ Tốt Company Limited have recently joined forces in a strategic partnership focusing on the trade of pre-owned automobiles. As outlined in the collaboration agreement, vehicles sold by Carpla will be required to meet stringent standards, which are based on algorithms and official guidelines from prominent automotive brands such as Mitsubishi, Toyota, Ford, and Hyundai. Additionally, these vehicles will be bestowed with Chợ Tốt’s esteemed “Xe 5 Tốt” certification, guaranteeing legal compliance, freedom from major accidents or flood damage, absence of fire or explosion marks, and comprehensive quality inspections conducted by Chợ Tốt Xe.
Carpla, a member of the Tasco group, boasts a unique “superstore” concept with a network of seven large-scale showrooms dedicated to pre-owned vehicle sales.
This strategic alliance builds upon the previous introduction of the Official Mall model, which seamlessly integrates physical car dealerships with the online automotive platform, Chợ Tốt Xe. Shortly after its launch, Chợ Tốt forged another significant partnership with VinFast Company Limited to introduce the “Trade-In Gas Vehicles for New Electric Vehicles” program. This initiative, effective from March 20, 2024, to May 1, 2024, offers customers the opportunity to exchange their gasoline-powered vehicles for cutting-edge electric alternatives from VinFast’s esteemed lineup.
Returning our attention to the pre-owned automobile market in Vietnam, it is worth noting that this sector is bustling with activity and has attracted the attention of numerous prominent players. According to BlueWeave Consulting, this market holds immense growth potential, projected to reach a substantial value of $23.12 billion by 2029, attaining a remarkable compound annual growth rate of 16.7%.
Contrasting the Vietnamese market with those of Singapore and Malaysia, Triệu Khắc Thiệp, Director of Chợ Tốt Xe, highlights that the latter two countries exhibit a stronger preference for new vehicles. This inclination is attributed to robust domestic production and attractive pricing within these markets. Conversely, Vietnamese consumers tend to gravitate towards pre-owned vehicles due to cost considerations and the perceived value proposition they offer.
Indeed, several notable entities have already established a presence in this market. Tasco, Chợ Tốt’s new partner, recently inaugurated its fourth Automall in Ho Chi Minh City’s Tân Phú district, spanning an impressive 7,000 square meters. With the expansion of its network to four Automalls, Carpla is poised to play a pivotal role in providing comprehensive automotive services, in conjunction with other Tasco group members. The plan is to establish two additional locations in Hanoi and Can Tho by the end of 2023, bringing the total count to six Automalls.
Tasco, renowned for its involvement in BOT projects, is now transforming itself into a major player in the automotive industry. With the approval of the relevant authorities, SVC Holdings has rebranded itself as Tasco Auto since January 22, 2024. Tasco Auto currently operates 86 showrooms nationwide, distributing 14 automotive brands, including prominent names such as Toyota, Ford, Mitsubishi, and the prestigious Volvo. The company’s automotive segment has surpassed a remarkable $1 billion in revenue.
Chợ Tốt Xe, on the other hand, is a prominent online vehicle trading platform that attracts approximately 10 million monthly visitors and hosts 120,000 sales listings across various vehicle categories, including cars, motorcycles, bicycles, electric vehicles, and trucks. According to Kantar Research 2021, Chợ Tốt Xe is the first platform that comes to mind for many, having accumulated over 530 million views on sales listings in 2023 alone.
